Democrats like to portray themselves as big believers in raising taxes on the well-to-do. But this episode of What’s Ahead puts the spotlight on a move by many congressional Dems to restore a special tax break that Trump removed in his 2017 tax bill: allowing high-income earners to fully deduct their state and local income and property taxes on their federal income tax returns.
Trump capped those deductions at $10,000. Democrats want that cap removed. Doing so would literally save the rich billions of dollars in federal income tax payments, more than offsetting President Biden’s proposed hike in income tax rates.
Is it just a coincidence that in states like New York many of these top-income earners are big contributors to the Democratic party?
Whoever thought Democrats would be champions for people with million-dollar-plus incomes!
